Economic Concepts Quiz

What is the term for the process of providing services to others?

• Extraction

• Manufacturing

• Commerce

• Service

What does capital consist of?

• Only money

• Wealth used for the production of further wealth, including machinery and tools

• Land and labor combined

• Finished goods ready for sale

Which of the following occupations requires physical fitness?

• Teaching

• Nursing

• Banking

• Insurance

What is the primary function of an entrepreneur?

• To provide labor for production

• To provide capital for production

• To organize and coordinate resources for production

• To provide land for production

What is the reward for land?

• Wages and salaries

• Rent

• Interest

• Profit

Which of the following best defines 'labor'?

• Only physical work done by unskilled workers

• All human efforts, whether physical or mental, directed toward production

• The management of financial resources

• The use of machinery in production

What is the primary factor that determines the location of industries?

• Climate and weather conditions

• Natural resources

• Health factors

• Skill and training

What does 'land' refer to in economic terms?

• Only agricultural land

• All natural resources available for production

• Man-made structures

• Financial assets

What is the significance of skill and training in occupation selection?

• They are unnecessary for employment

• They allow individuals to engage in jobs for which they are qualified

• They only apply to manual labor jobs

• They do not influence job availability

Which of the following is NOT a type of Industrial Occupation?

• Extraction

• Manufacturing

• Service

• Construction